FxWirePro: USD/CAD intraday upside momentum strong after oil prices decline

USD/CAD strongly inched higher on Friday breaking the psychological barrier at 1.3000 as the oil-correlated Canadian weakened against US dollar on Friday day following positive US non-farm payrolls data and 4 percent drop in oil prices after Saudi prince said Saudi Arabia will not cut oil output without Iran and other major doing so.
The pair reversed course in quick succession, after crude oil prices declined. The pair is all set to move in quick succession towards 1.3100 levels in the near term, as the falling oil prices are set to weigh on the currency pair.
To the upside, the strong resistance can be seen at 1.3071, a break above this level would take the pair all the way towards 1.3125 levels.
To the downside immediate support can be seen 1.3020, a break below this level will take the pair to next level at 1.2960.

Resistance Levels

R1: 1.3071 (50% Retracement level)

R2: 1.3125 (38.2% Retracement level)

R3: 1.3189 (23.6% Retracement level)

Support Levels

S1: 1.3020 (61.8% Retracement level)

S2: 1.2960 (Daily lows)

S3: 1.2900 (Psychological levels)

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